Xtek Ltd - XTEK Receives SICP Grant
Xtek Ltd (ASX:XTE)

XTEK Receives SICP Grant

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Highlights

What's happened?

XTEK Limited (ASX:XTE "XTEK") has signed a A$830k grant agreement from the Centre for Defence Industry Capability (CDIC) for a Sovereign Industrial Capability Priority (SICP) grant, on behalf of the Department of Defence.

What are the key highlights?

  1. XTEK will utilise funds from the SICP grant for the industrialisation of its advanced ballistic combat helmet production line.
  2. The SICP Grant represents recognition from the Department of Defence of the unique capabilities of XTEK’s helmets and supports XTEK’s strategy to bring these products to market, and accelerate exports to key US markets.
  3. It complements a previous SICP grant of A$1m to establish the ballistic armour manufacturing centre in Adelaide, which provides a ommercial manufacturing capability for XTEK’s proprietary XTclave™ manufactured products.

Managing Director's Summary

Philippe Odouard

"We are pleased to be a recipient of the SICP Grant, representing continued support and validation by the Australian Department of Defence of the advanced capabilities of our XTclave manufactured ballistic armour. The funding supports the execution of our broader strategy to commercialise our state-of-the-art technology by enhancing the production and testing capability for our proprietary ballistic helmets. Combined with our new manufacturing centre and recent US acquisition, XTEK is extremely well positioned to capitalise on key commercial opportunities."

Philippe Odouard
Managing Director, Xtek Ltd
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